For export-oriented enterprises in China foreign direct investment strategy seminar

[Abstract]:

Operation of foreign investment is today's highly social, the inevitable trend of modern and international operations, and the international division of labor and cooperation, the needs of international capital flows, and it represents the development direction of modern enterprise after China's WTO accession, the economy has been a huge development also faces many problems, such as the domestic market suffered a beachhead, "going out" process has not been easy. Faced with this reality, China's enterprises should re-examine their international positioning, only make full use of its comparative advantages, the development of new international strategic and effective use of both international and domestic resources, rapidly enhance the core competitiveness of the enterprises themselves, in order to go faster and more stable this article as a guide to the theory of foreign direct investment on China's export-oriented enterprises, foreign basis in reality and feasibility of direct investment to specific regional strategic choice of foreign direct investment in export-oriented enterprises in China, on the basis of the analysis of foreign direct investment in the status quo of China's export-oriented enterprises, strategic choice of the industry funding use and risk control strategy. practical significance of this paper is how to use its comparative advantages for China's export-oriented enterprises to participate in international competition in the market, especially in overseas investment strategies made reference to observations.

Keywords: export-oriented enterprises, foreign direct investment, investment strategy

[Text]:

In today's world, the economic integration of the continuous development, deepening of the international division of labor. Production activities in any country with the deepening of the international division of labor, and capital movements have to rely on its own resources, capital, technology, human resources, information and market based on across the domain boundaries of the country, the re-configuration of the factors of production in the global With the continuous deepening of the internationalization of the world economy, international direct investment has developed rapidly and become an important part of the world's economic life and in international economic relations. enterprise has a profound effect on the development of the world economy as a subject and a major commitment by the international direct investment, foreign direct investment and global business strategy.

Enterprises 'overseas direct investment in China started relatively late, compared the lack of theoretical guidance and more representative of practical experience. Therefore, I think, before specific analysis of enterprises' overseas investment strategy, the need for in-depth analysis of foreign direct investment The theory of the development process, and a variety of foreign direct investment theories and methods are compared and analyzed only in the understanding and knowledge of the general laws of foreign direct investment and international investment practices based on combined with the actual characteristics of enterprises in China, to explore the theories and methods of the characteristics of China's foreign direct investment in export-oriented enterprises, and develop a business development strategy is conducive to the development of export-oriented enterprises in China's overseas direct investment.

A basic theory of foreign direct investment

Foreign direct investment (Foreign Direct Investment, referred FDI), also known as international direct investment, foreign direct investment or foreign direct investment. IMF definition of foreign direct investment: investors outside the country (economic business a continuing interest in the enterprise investment, the aim is to have an effective voice in the operation and management of the enterprise. "of ① << New Palgrave Dictionary of Economics >> Graves on the interpretation of foreign direct investment:" involves production to factories and land ownership "or" stock ownership so that the shareholders control the investment of the manufacturer's operating activities. "② In short, foreign direct investment is the investors in a country or region will be used in other countries or regions riches production or operations, and mastery of certain operational control of the investment behavior, which includes the creation of new businesses and the acquisition of the host country has existing enterprises to set up factories in the host country in two basic forms, depending on the participation of investors foreign investment, foreign direct investment can be divided into a sole proprietorship, joint ventures, cooperative ventures and BOT (Build Operate Transfer the English prefix abbreviation, in Chinese means "Build - Operate - Transfer (BOT) investment, we are usually the first three are collectively referred to as" foreign-funded enterprises.

Foreign direct investment in financial human, financial, material, technical, information, and other factors to participate in international competition in the market as a whole, therefore, has a wide range of international and development capabilities not only broaden the international labor market, the development of new ways of employment, but also be able to train a large number senior personnel engaged in international cooperation, not only able to make full use of international resources, but also conducive to their comparative advantages, the development of new technologies, new products and new markets. ③

(A product life cycle theory

Product life cycle theory proposed by Harvard University professor Vernon in 1966, he mainly analyzed from the point of view of products and technologies monopoly reasons for foreign direct investment, decided that the law of development of the product life cycle must be occupied foreign markets while foreign direct investment in the product life cycle can be divided into three stages: innovation stage, mature stage and standardization stage. Stage in product innovation, foreign direct investment should first of all in the developed countries such as the United States, because these countries in the development of new products, new technologies, as well as on the domestic market capacity has a dominant position in the mature stage of the product, with imitation the emergence of foreign direct investment should be shifted to the more developed countries or regions, such as Europe, Japan and other newly industrialized countries, because of the economies of Western Europe, the level of technology and consumer demand compared with the United States, while the cost of production is lower than in the United States, so the United States First of all enterprises to invest in Western Europe, the stage in the standardization of products, with the monopoly advantage of innovative enterprises gradually disappear, foreign direct investment is also accompanied by the transfer of the production of comparative advantage shifted to lower production costs and labor-intensive economic model countries and regions, the general for developing countries.

Vernon's contribution to the theory of the product life cycle is analyzed from a dynamic regional conditions, foreign direct investment, and foreign direct investment, external environmental conditions, the development of new technology is characterized by the theory of international trade and foreign direct investment theory. The theory is that comparative advantage is a dynamic process of transfer, with the evolution of the product life cycle, and with this evolution of trade patterns and product flow will reverse change occurs, each country according to the conditions of their own resources, production has products on comparative advantage, a certain life cycle stages, and then obtain benefits through the exchange of this to a considerable extent on the location and market choices for investment companies to provide the analytical framework.

The life cycle theory for the first time, foreign investment, in particular, is mainly involved in the final product market enterprise applicable for foreign enterprises have been built to implement a global strategy of international production and investment behavior, and not have a strong explanatory power short, the development of the world economy So far, the product life cycle theory is increasingly showing its limitations, the most typical is that it can not be explained, such as foreign investment of the oil production sector and non-standardized industry. Moreover, the pattern of international investment is not such as Vernon think the only developed countries to developing countries to invest more of the performance of two-way investment between the developed countries in particular, as the above analysis, this is not what enterprise to international production and direct investment in the product life cycle model, they can organizations in times of new products manufactured abroad, and even developed new products through its subsidiary in the host country.

(B manufacturers monopoly advantage theory
Vendors monopoly advantage theory was originally developed by the U.S. economist Alzheimer 1960s, later Kindleberger be developed and perfected. Monopoly advantage theory's core market imperfections.

Alzheimer believe that market imperfections the premise of imperfect competition for foreign direct investment premise, this is not entirely mainly in four aspects: First, the product and factor markets are incomplete, that there are a small number of vendors or buyers able to leverage control production or purchases to affect the market price of the decision, the second is caused by economies of scale, the market is not entirely certain market barriers due to government intervention, the market caused by the tariff is incomplete.

Alzheimer foreign direct investment enterprises in the case of market imperfections, the control of the investment management process is not only for the needs of business management, is more likely to be generated because the needs of the oligopolistic competition. Therefore, Alzheimer foreign direct invested enterprises as a monopoly or oligopoly, pointed out that foreign direct investment in the vendors have formed under conditions of monopoly or oligopoly advantage. ①

The core market imperfections manufacturers monopoly advantage theory can be explained not only horizontal foreign investment enterprises in developed countries abroad, set up factories to produce the same products in the countries, and can be explained by the vertical foreign investment, a production distribution of different processes to the multi-national, such as in the oil industry, a small number of multinational companies in the long term dominates the world oil market is a typical vertical foreign investment.

(C internalization theory

The internalization theory first proposed in 1976 by the British economist, Barclays and Carson later economist Luo Geman and Jidi further enrich and develop the theory.

The internalization is established within the enterprise market, instead of the external to the internal market in the market, so as to solve the incomplete market and bring supply and demand exchange can not guarantee that the conduct of the theory first pointed out the incompleteness of the market is the market internal reasons, and decided the market internalization of four main factors, namely, industry-specific factors, regional factors, country factors and business factors. regional factors and country-specific factors that determine the direction of investment, that is, the geographical distribution of investment. industry-specific factors and business factors is a prerequisite for investment.

Internalization theory to explore the main intermediate product market, rather than the final product market, the focus of research is to the manufacturers expand direct investment motivation, not how to use the external market. Explain to some extent the companies through direct investment can be achieved internalization advantage, and foreign direct investment motives put forward a comprehensive explanation, but it does not take into account many factors restricting the Foreign Direct Investment in the structure of world economic realities, especially non-production factors or economic factors on foreign direct investment motivation and development.

(D international production eclectic theory

Eclectic theory of international production the British economist Dunning 1977 and its core idea of ​​inherited Alzheimer represented monopoly advantage theory, absorption Buckley and Carson internalization advantages borrowed Ohlin location advantages theoretical research methods. Dunning >> << international production with multinational companies, a book, the advantages named "ownership-specific advantages, internalization advantages and location-specific advantages that companies only at the same time with this the case of three advantages, foreign direct investment behavior will occur.

Ownership-specific advantages, owned or mastered some kind of property rights and intangible advantages that a country's enterprises have or be able to obtain foreign enterprises are not or can not be obtained assets and their ownership, including intangible assets exclusive enterprise economies of scale generated by the advantages, or refers to any future revenue to keep things internalization advantages, refers to the ability ownership advantages within the enterprise configuration, transfer and effective use. "location specific advantage "refers to the existence of a specific country or region hinder exports and direct investment had to choose, or choose direct investment more favorable than the export of various factors. "Ownership-specific advantages" and "internalization advantage" is to decide whether a company's external investment factors, that is, foreign direct investment in the power, they can through the enterprise's own development able to have, "location specific advantage" is is of foreign direct investment attraction It is a dynamic exogenous variables, and seek in the outside world only through investment entities, can not be created through their own.

Dunning's eclectic theory selected the three most critical explanatory variables coincide using the various theories in the past, and focus on the relationship between the variables, in order to make up for the past, some of the theory of one-sidedness defects, but it is still there limitations, the right to use the general theory can not become a way to explain the direct investment of all types. course, it is undeniable that in recent years the development process, Dunning or improve to some extent the theory, in particular foreign direct investment companies have chosen the basis of the theoretical system of the upcoming "site selection" into foreign direct investment, the only advantage is large abroad, the enterprise be possible for international direct investment. especially Dunning 1998 summary of the new trend of the development of the theory of the late 1990s, international direct investment position. international direct investment tend to enter those countries and regions, a relatively complete legal system to protect intellectual property rights tend to limit access to those with more intellectual capital and high the countries and regions of the quality of talent, international direct investment often find the countries and regions that can strengthen or complement its core competencies, three is the comprehensive nature of the determinants of the flow of international direct investment position. ①

In short, Dunning proposed host country location factors for foreign direct investment has become the late 20th century theory of international direct investment is an important direction in the development of these theories were the labor costs of the host country, the state of the infrastructure, market size, industrial structure and distribution, financial system and other economic factors as well as the political, cultural, and other factors as variables to test the correlation between foreign direct investment, the geographical distribution of international direct investment have strong explanatory power.

Second, China's export-oriented enterprises in the necessity and feasibility of Foreign Direct Investment

Since the reform and opening up, China's overall industrial structure development such as steel production, power generation, chemical fiber, TV production are among the highest in the world, but the third industrial census revealed that 900 kinds of major industrial production capacity half of the production capacity utilization is less than 60% of China's light industry (including paper, daily chemical, ceramics, home appliances, leather, office automation since 1998 began quality and efficiency is not high, the loss and loss situation of large amount of this slump continued up to now there is no substantive change. controlling investment, reduce costs, price war and layoffs have lasted quite a long time in many industries. in this case, strengthen the operation and management of China's export-oriented enterprises, and foreign direct investment driven by such enterprises as a growth point, has a very important significance to speed up the development of China's national economy.

The need for foreign direct investment (one of China's export-oriented enterprises

With the continuous development of economic globalization and regional economic integration, and the capital of international trends growing countries in the world attract a large amount of foreign investment, are actively encouraging domestic enterprises to carry out cross-border investment. Actively exploit domestic and foreign to seek the development of strategic markets and resources, has become an important means for countries to develop economic background, actively promote foreign direct investment of Chinese enterprises is very necessary. Moreover, due to the impact of the Asian financial crisis China's exports to encounter great difficulties, coupled with the lack of domestic demand, so that the slowdown in China's economic development, enterprise development difficult. In this domestic situation, on the one hand, more profitable enterprise for the remaining funds to find a way out, in domestic demand is not the case, the foreign export of capital is a good approach to development, on the other hand, the depth of the foreign trade system reform adjust the structure, and enhance international competitiveness, and expand the level of opening up to the requirements of a large number of powerful foreign direct investment enterprises emerged, which put forward new requirements for Chinese enterprises operating abroad, we must accelerate the pace of enterprises operating abroad.

1, changes in the world economic situation requires the development of export-oriented enterprises in China foreign direct investment

With the continuous development of the world economic situation, the international commodity division of labor has undergone tremendous changes. International commodity division of labor has gradually developed into the international division of production, and to further strengthen the flow of factors of production between countries. At present, the international division of production dependence on natural resources is getting smaller and smaller, increasingly dependent on science and technology, and demonstrate the growing division level characteristics. Formation of the division of labor on the one hand of the world production levels to promote the world economic globalization and integration, on the other hand also promote international competition, the international division of production requirements of the production enterprises to enter the international market, to join the international division of production and international competition. addition, the development of regional economic integration and the new trade rise of protectionism in the development of enterprises in China faces more severe challenges, the fierce international environmental background, it is necessary to consolidate and improve the strategic position of Chinese enterprises, enhance their own strength, and also requires that we should be actively actively explore the international market, foreign direct investment in the development of export-oriented enterprises.

2, "WTO requires the development of export-oriented enterprises in China foreign direct investment

The multilateral trading system as the core of the WTO agreements, 28 agreements, agreements and 31 resolutions, the Universal Declaration of composition, is a complete unified multilateral trading system. The WTO proceed from the interests of the global producers and consumers, breakthrough national and regional protectionism obstacles to achieve full employment, to achieve the global optimal allocation of resources, and promote world economic and trade growth for the purpose it set up so that the liberalization of trade and investment to become the mainstream of the world economy, it requires participating countries to mutually open their market of China's accession to the WTO after the obligations and challenges faced by enterprises, mainly reflected in the country, the rights and opportunities are mainly reflected in the foreign, that is reflected in the foreign open to our products, services and investments greater degree market and the implementation of national treatment in other words, China's enterprises in order to enjoy the rights and opportunities of the WTO, it is necessary to open up overseas markets as much as possible, that is, the development of foreign direct investment.

3, the requirements of the development of the national economy, the development of export-oriented enterprises in China foreign direct investment

At present, Chinese enterprises to carry out a lot of foreign direct investment exposition, the view of the same, I think China's export-oriented enterprises to carry out foreign direct investment not only does not exacerbate the shortage of domestic funds, alternative export growth, deterioration of terms of trade will not favorable conditions, on the contrary, will make our companies to bypass a variety of tangible trade barriers, open shape, occupy the international market and create export and get more conducive to the development of enterprises.

(1 can seek and occupy a broader foreign markets first, and expand into new markets, maintaining the original market based on foreign trade import and export business enterprise can be advantageous to avoid due to regional groups and trade protectionist trade barriers., to open up foreign markets to find a way out tends to be saturated domestic product., its products have entered the latter part of the life cycle of the domestic market for the product in the domestic market is relatively saturated industrial enterprises, the domestic market growth trend decline, prompting these enterprises turn to seek markets abroad to find a way out, through direct investment of its excess production capacity and strong technical expertise in science and technology development company limited technology products updates faster pressure, the growth of the domestic market and slower he turned to the other countries, to transfer its technical superiority through direct investment. fourth, equipment and other export-oriented enterprises can kind of investment, driven by the export of domestic equipment, which in turn led to the export of the parts of the equipment, technology and technology labor.

(2 conducive to the development of management resources. Many enterprises through foreign direct investment (FDI) to obtain the required operating resources. These enterprises can be divided into two types: one is for foreign investment in mining, natural resources, so you can directly control of our resources, to provide a stable supply. petroleum resource issues such as: the lack of oil resources, per capita oil reserves only 1/9 of the world's average, with the rapid expansion of China's auto industry, is currently facing the biggest difficulties . due to the shortage of oil resources, while China Petroleum Exploration and Development has formed a strong technical ability to play this capacity advantage, the exploitation of oil in offshore investment, not only meet the domestic economic development needs, but also for our economy sustainable non-renewable resource development to retain more of China's oil companies through investment in mining in the Middle East, Russia and other places, greatly easing the shortage of energy supply, has a long-term strategic significance of national and corporate other is to absorb foreign technology and information resources. enterprises through the establishment of overseas subsidiaries or other institutions, offers a variety of international economic and technological information services for domestic.

(3 conducive to break the industrial monopoly, the pursuit of higher investment efficiency and effective use of foreign capital after the reform of the economic system, the state has worked hard to pursue a market competition mechanism, franchised commodities to reduce administrative monopoly was broken, a number of non-foreign trade enterprises due domestic investment and operating environment is not satisfactory, is also actively through foreign direct investment, seeking to improve overall operating efficiency at the same time, we all know that the shortage of funds is an important factor restricting China's sustained and rapid economic development, the use of foreign capital can not only limited to "Please come in", but also managed to "go out" can attract more funds by limited funding to the developed countries and other developing countries, especially the developed countries in the international capital markets, financing more channels, loans on favorable terms, service credit, access to international capital more opportunities than domestic.

(4 for enterprises looking for new business opportunities through participation in the co-investment of the enterprises in foreign countries to open up a new growth point to understand and select foreign markets for their development opportunities more successful cases of overseas investment of Chinese enterprises Haier Italy acquired a brand factory Haier using its own technology and its application in the refrigerator strengths, and its transformation into the Haier brand-known in Italy. now Italy this plant has been transformed into can produce competitive products in Eastern Europe, including some Asian countries, provides that goods imported from Italy can be zero tariff from China shipped to these countries, to impose a 12% tariff, and freight, compared to Italy shipped out. Haier successful investment, not only in overseas founded their own brand, and successful circumvent national trade barriers, successfully entered overseas markets, to bring new business opportunities. therefore, whether it is to join the WTO, or the integration of the global economy , the most important is a regional cooperation organization, the European Union, ASEAN mutual protection, the Gulf Cooperation Organization to protect each other, because we all share a single internal resources. Cooperation Organization as long as there is a (national competitiveness, can be extended to other fields.

(Two export-oriented enterprises in China foreign direct investment feasibility

Carry out foreign investment in China is not only necessary, but also has practical feasibility. Countries belong to the economic development in China relatively late, foreign direct investment started late, there are still some difficulties in terms of capital, technology, management, but to promote the enterprises' overseas direct investment is not entirely dependent on a country's foreign exchange funds, technology, management, and economic development level of absolute advantage. many export-oriented enterprises have certain comparative advantages can develop overseas direct investment, and foreign operation and further enhance their own advantage with foreign investment in China's comparative advantage, especially in the overall national strength, and some high-tech areas have obvious advantages for China's export-oriented enterprises to engage in foreign direct investment to provide a realistic feasibility.

The basis of a strong comprehensive national strength and ethnic ties advantages laid the export-oriented enterprises and foreign direct investment

Investment position of a country and its level of economic development has a very large, especially in a country's overall national strength has an important role in international direct investment. China's comprehensive national strength ranks sixth in the world, can concentrate some resources for foreign investment, in order to adapt to the requirements of the country's long-term development strategy is well known, China has a large population, abundant resources, has many unique scarce resources, these are our outward foreign direct investment-oriented enterprises to provide the indispensable favorable conditions. worth mentioning that the majority of overseas Chinese in China can also be many favorable conditions for foreign direct investment of Chinese enterprises, they not only enjoy the special treatment of foreign locals and understanding of domestic situation is also more depth, more of the well-known China's economic development strategy, so that makes them choose OK in the enterprise investment projects, and management can play a positive role. of this racial ties advantages and strong comprehensive national strength in the great The extent of China's export-oriented enterprises during the process of foreign direct investment to reduce obstacles in multinational operations, reduce risk, and conducive to closer cooperation with local enterprises.

2, irreplaceable technical advantages to promote foreign direct investment in the development of export-oriented enterprises

First, the advantages of the "appropriate technology". Compared to many middle-or backward developing country, China has many more mature technology has obvious advantages. These developing countries due to their own economic development levels and the limited ability of technology with respect to advanced technology of the developed countries, the maturity of our country, applicable technologies to them more attractive, more popular of the middle level of technical equipment such as small batch manufacturing technology, multi-functional machine equipment more suitable for developing countries market needs of small-scale, labor-intensive production technology, process equipment for lack of funds and the scarcity of skilled labor needs of developing countries, local materials, import substitution technology is more suitable for the developing countries in the development of national industry and reduce foreign the dependence of the market. Secondly, some of the technical advantages of the high-tech field. mature technology in some of the developed countries in some sectors and for some enterprises, but also has a comparative advantage. Such as aerospace, software development, bio-engineering has reached the level of the world's leading technology, direct investment in developed countries for the export-oriented enterprises in this field in China has created favorable conditions for the third, the unique technical advantages of the traditional industries of Many traditional products are quite competitive on the world market. China's classical gardens, traditional Chinese medicine, traditional food and traditional technology with its unique characteristics in the international market occupies a place of its irreplaceable by foreign direct investment can continue to play to their strengths.

3, cheap products cost advantages with sales of the advantages of enhanced competitiveness of export-oriented enterprises to foreign direct investment

China's export-oriented enterprises can take advantage of the host of cheap labor and abundant natural resources, output devices and technology, the establishment of small-scale labor-intensive enterprises, the production costs are relatively low, savings in advertising costs and administrative expenses, combined with China sending its staff and output devices, parts costs and lower prices. products produced by foreign-invested enterprises in China can enter the host country market at lower prices, then extended to third countries and international markets. addition, China's foreign direct investment enterprises and multinational corporations of most developing countries as homogeneous products mainly produces middle and low price elasticity, you can use the sales strategy of price competition, China's export-oriented enterprise competitiveness in product quality and variety, export sales channels, market multipolarization We have the ability to sell such export capacity and foreign direct investment combined organic. international competitiveness brought about by the low cost of the product and sales advantage will inevitably promote the further development of China's export-oriented enterprises.

4, personnel and management advantages to promote export-oriented enterprises, foreign direct investment to a higher level

Reform and opening up the past 20 years, through the absorption of foreign investment, the founder of the joint ventures, cooperative enterprises, introduction and digestion and absorption of foreign advanced technology, management methods and marketing skills, cultivating and training a group with international operations knowledge and experience, talents the same time, some companies first take the country for overseas investment activities also accumulated valuable experience, and to cultivate a large number of professionals. In addition, the management skills and experience in China compared with Western countries, is more suitable for the the elements conditions and production levels of the developing countries, with some management advantages as our management and technical personnel salaries relatively low, managers of traditional social and its a better understanding of the psychological characteristics, conflicts with employees less short, talent and management advantages of China's export-oriented enterprises have greatly contributed to the higher level of foreign direct investment in export-oriented enterprises in China.

Third, foreign direct investment in the status quo of China's export-oriented enterprises with the problems

Foreign direct investment, as the actors of today's international market, has been an unprecedented development, almost all the economic powers and developing countries have a number of foreign companies active in the world economic arena. According to UNCTAD's World Investment Report 2004 << >> the data, in 2003 the world's foreign direct investment (FDI inflows of $ 560 billion. developing countries, foreign direct investment inflows increased by 9%, for a total of $ 172 billion, especially in Africa, Asia and the Pacific significant growth. multinational companies have huge amounts of productive capital and operating capital throughout the global production and marketing system and information network, and engage in various economic activities in the world.

China's reform and opening up has gone through the course of 20 years, during this period, China's enterprises have experienced three major strategic business transformation: first shift production to commodity production, the second by a single production shift production operation type Overseas Economic Cooperation third shift capital management by attracting foreign investment mainly turning to absorb foreign capital and foreign investment both Chinese enterprises have started to go out of the country, the development of overseas investment and international operations. China's export-oriented enterprises, foreign direct investment from scratch, growing to expand and play an increasingly important role in the development of the national economy.

According to the Ministry of Commerce announced the "2003 China's foreign investment statistics, as of the end of 2003, China's total foreign direct investment total of $ 33.4 billion, a total of 3,439 foreign-invested enterprises by the Ministry of Commerce approved and the record established in 2003 alone Chinese enterprises overseas investment amounted to $ 2.9 billion, an increase of 5.5% year-on-year in 2002. According to UNCTAD (UNCTAD 2003 World Investment Report 2003, China's foreign direct investment, respectively, equivalent to the global foreign direct investment flows, stock 0.45% and 0.48%. Statistics show that a relatively small share of the proportion of China's foreign direct investment, but with the economic strength of our country, and accession to the WTO is bound to a door more Chinese enterprises to participate in international economic division of labor and cooperation, to embark on the road of international operations. course, although the pace of development of export-oriented enterprises in China in recent years, foreign direct investment quickly, also showed a good momentum of development, but the overall view, but also there are some undeniable problems.

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(A enterprises lack the core competitiveness foothold in the international market

Scale from the enterprise point of view, in order to gain a foothold in the international market, mainly rely on the enterprise should have a strong core competitiveness. Enterprises to expand the scale of our strength is the prerequisite of "going out". Enterprises "going out" to have their own core products, core markets and core technology, enterprises will have a foothold in the international competition of direct investment enterprises in the European region, such as TCL, Haier does not yet have market, quality the gap and marketing network narrow obstacles to its development. Moreover, from the conditions of the business point of view, the low level of R & D is still the weakness of China's enterprises, lack of technical advantages, which result in the export-oriented enterprises in China foreign direct investment project technical content is not high. gap is large enterprises in China Enterprise asset size is too small, the benefits of scale is not enough only 1-2% of the sales revenue of China's large and medium-sized industrial enterprises, research and development costs, while the "Global 500" U.S. side top companies is 5-20%. Currently, about 2/3 of the large and medium-sized state-owned enterprises do not establish and improve the R & D institutions. This suggests that a basic fact: the majority of domestic enterprises is far from technological innovation, the direct result is that the majority of China's foreign direct investment, processing trade products mostly just to enter the low-end market. Such as in the non-trade overseas investment projects, nearly 40% of the low value-added, low-tech, labor-intensive projects, resource development and primary processing.

Irrational industrial distribution structure of foreign direct investment (b Enterprises

Constituted from the industry point of view, China's overseas investment industry is mainly concentrated in lower investment, manufacturing, wholesale and retail trade, business industry and the construction industry. Calculate the distribution industry, the mining industry, wholesale and retail trade, business, industry, and construction industry accounted for 92.6% of the year net foreign direct investment.: Mining for $ 1.38 billion, or 48.4% of the total flow, investment in oil and gas exploration, manufacturing industry was $ 620 million, or 21.8% of total traffic , communications equipment, computers and other electronic equipment manufacturing, the textile industry and the ferrous metal smelting and rolling processing industry, etc., wholesale and retail trade of $ 360 million, accounting for 12.6% of the total flow, Business Services for $ 280 million, accounting for total traffic of 9.8%. ① above statistics show that foreign direct investment in China, the investment of resources-based industries to maintain a higher level of production and processing investment growth is rapidly increasing, but trade like foreign investment growth gradually reduced. worth noting that these industries are labor-intensive industries, China's low labor costs make these industries have a certain degree of competitiveness in the international market; relative to the financial, telecommunications and other service industries, on the one hand in the international high barriers to entry in the market, on the other hand competition intensity is unimaginable, China's enterprises in the country have some capital but still do not have the ability to resist risks.

(Three foreign direct investment in the regional distribution of the irrational structure

It should be said, the overall size of China's foreign direct investment enterprises and industry distribution is still quite limited, most of the investment is limited to Hong Kong

Region, and did not realize the true sense of the overseas investment enterprises did not fully participate in the global market competition .2003, China's overseas direct investment enterprises were distributed in 139 countries and regions around the world, accounting for 60% of the world's countries and regions From Table 1 we can

2003 Table 1 Distribution of China's foreign direct investment enterprises

Region Asia Africa Oceania Europe North America Latin America

Coverage ratio (% 81 73 61 50 40 35

投资净额(亿美元 15.00 0.75 1.50 0.58 10.40 0.34

投资净额比率(% 52.5 2.6 5.3 2.0 36.5 1.1

资料来源:商务部,"2003年我国对外投资统计数据".

发现,目前我国境外投资主要集中在亚洲和拉丁美洲,占总投资净额的89%.根据国家商务部"2003年我国对外投资统计数据"显示,境外投资的地区主要集中香港、美国、日本、德国,占境外投资企业总数的41%,其中香港占21%.2003年我国境外直接投资主要集中在对发展中国家的直接投资,但所占的比例远远小于对发达国家的直接投资.企业对外直接投资的地区分布状况与我国现行的出口市场格局有较为紧密的联系,但显然不符合目前国际经济贸易环境的变化和进一步实施市场多元化战略的要求.

(四企业缺乏清晰的境外发展战略和高效统一的宏观管理与协调机构

发达国家的大型跨国公司一般都具有完整的全球战略,即以世界市场作为角逐的目标,对再生产周期的各个环节实行国际化安排.而我国大多数外向型企业还不具备大规模对外直接投资的实力,也缺乏全球性发展战略,没有融于世界经济发展的战略思想,还不能站在企业长期生存和发展战略需要的高度支规划自己的海外投资行为.这就造成一些企业投资决策的盲目性和随意性.如我国某矿产集团在美国的子公司为了短期盈利,在没有采取严格保护措施的情况下,盲目从事期货交易等高风险业务,结果6000万美元的损失. 此外,目前立法、管理、信息服务等因素严重制约着我国企业成功开拓国外市场和参与国际竞争.这类制约因素主要包括立法严重滞后、工作机制尚未理顺、政策导向作用差、信息服务严重滞后、外汇管理和银行信贷限制过严、企业微观经营机制存在严重缺陷等.目前,境外直接投资企业海外发展需要本国政府的大力支持,并以此为基本保障来引导外向型企业进行海外经营,积极参与协调解决本国企业在海外经营中出现的问题和矛盾.只有进一步改善了这些制约因素,才能为企业境外直接投资给与强有力的后方支持.

四、我国外向型企业对外直接投资的战略选择

尽管我国外向型企业都加大了海外投资力度,努力贯彻了国家"走出去"的政策,并希望在国际市场上提高企业的实力,但是这条路还很漫长.我们只有正视所面临的问题,借鉴其他国家或地区外向型企业国外直接投资的成败,并从我国的具体国情出发,结合企业自身的特点来制定投资战略,才能使我国外向型企业实现快速发展.

(一我国外向型企业对外直接投资的地区选择战略

影响地区选择的因素分为两大类:一是非制度因素.包括当地的政局稳定性、资源状况、基础设施状况、技术发展水平和管理水平、劳动力素质高低、产品销售的现有市场以及潜在市场、市场竞争的激烈程度、投资国与东道国之间的亲近性等.二是制度因素.包括国际经济制度安排、经济制度、法律制度和企业运行的便利性等.其中,国际经济制度安排主要包括东道国参与的经济一体化组织、签署的双边投资保护条约、贸易壁垒以及对外资的态度,经济制度主要包括东道国的金融外汇制度、经济自由度等,法律制度包括东道国私有财产的保护程度、法律完善程度等,企业运行的便利性主要包括企业运行障碍、政府清廉程度、税收制度等.自由开放的经济体制和对外资持欢迎态度在所有制度因素中最为重要.

1、维持并发展对发达国家的对外投资

众所周知,发达国家政局稳定、经济发展水平较高,市场潜力较大,金融市场发达,外资法律健全,企业在这样的区域投资成功后可以获得较高的效益,同时可以吸收先进技术,有效地绕开各种贸易壁垒. 当然,与此同时,作为投资主体的我们必须清醒地认识到下述几个问题:第一,美国、欧盟等发达国家具有很强的非制度因素,第二,我国的产业结构与这些国家相比存在明显的差距,不具有比较优势,第三,美国和欧盟的对华政策仍具有较大的歧视性,以产品标准、质量、知识产权等为由加大了对我国企业和产品的监督和检测力度.

以海尔为例,海尔国际化运作取得的成功,吸引了不少企业家,特别是海尔在美国建厂更是让业界把海尔看成是民族英雄.而海尔作为一个企业本身此举的考虑仅仅是为了以后的发展做铺垫.如果我们的企业不顾自身实力,盲目效仿我国第一品牌,是不可取的.事实上,海尔在美国市场的定位是市场空隙定位,以小冰箱、小洗衣机占领市场空白.所以,海尔在美国建厂并不意味着海尔已在美国大规模盈利了.而海尔在伊朗、约旦、突尼斯、尼日利亚等国设厂,都是以主流的产品成为当地的第一品牌.

因此,笔者认为,我们应该在扩大对美国、欧盟待等发达国家和地区对外直接投资的同时,应该将我国的"边际产业"转向发展中国家.那种把投资方向、重点及趋势只定位为发达国家和地区是有欠考虑的.

2、巩固并扩大对发展中国家的对外投资

2003年,我国对外直接投资金额的89%分布于东南亚、非洲、拉美和东欧等地区.之所以出现如此战略选择,主要是因为这些地区具有其特定的区位特点与比较优势.未来的投资区位战略选择应该主要体现在以下几个方面:

(1东盟十国.目前,我国对外直接投资的重点应首先考虑东盟国家,这主要是因为:第一,东盟十国与我国存在一定产业梯度,应成为我国转移"边际产业"的重要场所,第二,东盟十国的劳动力价格低廉,适合发展劳动密集型投资,第三,它们的投资环境好,实施了许多吸引外资的优惠政策.这些国家的经济与我国有很强的互补性,同时,地缘上的邻近性及文化背景方面的类似性,构成了东盟国家的区位比较优势,可以减少投资的进入障碍.以越南为例,越南政府为了吸引外资采取了一系列的扩大外资的优惠措施,包括大幅减免税收、降低土地使用费等.目前,我国很多产业,如摩托车、小型货车和家用电器在东南亚国家都非常受欢迎."我国—东盟经济合作专家组"的研究报告积极评价了我国和东盟经济关系的发展现状,认为双边贸易投资关系仍有很大的扩展空间.对外直接投资发展初期的区位选择遵循"就近原则"和"地区渐进原则".日本及亚洲新兴工业化国家地区渐进性对外投资经验值得我们借鉴.

(2独联体及波罗的海国家.这些国家产业结构畸形,轻工业发展水平仍十分落后,但是消费市场容量巨大,且其基础设施条件良好、人才资源丰富.我国的轻工业产品在这里拥有绝对的竞争力,2001年我国与俄罗斯的双边贸易额就已达100多亿美元.近年来,其与我国的高层往来和外经贸部领导接触频繁,对加深相互间了解,其政局、社会治安以及经贸合作中存在的问题也会逐渐减少.所以,独联体和波罗的海国家也是我国对外投资又一重要地区.

(3非洲地区.与非洲诸国的关系一直很好,非洲大部分国家产业结构的层次较低,产业发展水平比较落后,我国的很多产业在许多非洲国家具有潜在的比较优势,另外,我国的农业技术在非洲也具有比较优势且市场巨大,我国在非洲的农业中也有成功的直接投资经验.

(4拉美地区.拉美国家具有较大的市场容量.而近10年来,拉美经历了包括2001年全球经济不景气在内的3次经济衰退,所以有外资流入的迫切需求.我国与巴西、阿根廷、智利、委内瑞拉、古巴和乌拉圭等国家的高层互访保持强劲势头,经贸合作不断发展,也有利于我国企业对这些地区的直接投资.

(5西亚地区.西亚地区的国家对外界的商品依赖性很大,进入的限制更少,近年来,西亚国家正在积极实施经济多元化政策,鼓励国外企业进入,投资建设工业项目.我国企业也已开始尝试以设备、技术到西亚国家投资,举办加工装配项目.但是,西亚13国地处当今世界的热点地区,政局不稳定是不利因素.所以,我国在西亚地区的直接投资,挑战与机遇并存.但长远来看,更符合双方政治和经济利益的需要,且双方目前合作的势头良好,如充分发掘各自的潜力,合作的前景十分广阔.

(二我国外向型企业对外直接投资的行业选择战略

从理论的角度看,对外投资的产业选择就是"边际产业".对我国现阶段来说,我们的对外投资的产业选择应当有如下一些考虑:对外投资最重要的产业应该是曾经在国内有长期高速的增长,具有一定的比较优势,而在现阶段已经或者是即将陷入增长停滞期的产业.因此,我国外向型企业对外直接投资的具体行业应该主要为:

1、加工组装型制造业

我国的家用电器、摩托车、金属制品、家用机械类产品都有较大的规模.这些产业都经过长时间高速增长,已达到生产能力严重过剩的阶段,国内市场的激烈竞争,影响到整个产业的平均利润.但是,这些产业的技术水平和产品质量稳定,在国外市场很有竞争力,发展中国家对这些产业的需求也较大.所以,加工组装型制造业,尤其是家电产业应该是我国对外投资的产业首选.

2、传统产业

纺织与服装业是我国传统的优势产业,技术设备水平高,产品质量好,一直在国际市场上有很强的竞争力.目前,纺织服装业也面临生产能力过剩、竞争激烈、经济效益下降的局面.纺织服装业对外投资可以充分利用东道国的自然资源,推进我国产业的继续发展,是我国对外投资又一产业重点.

3、资源开发业

随着我国经济的高速增长,我国人均自然资源的占有量较低,有些自然资源的国内绝对储量和产量都比较低,能源供给趋于紧张.所以,随着"走出去"战略的进一步深入,鼓励我国一批有实力的大型石油、矿产开发企业到境外进行资源开发类投资,也应是我国对外投资的又一产业重点.

4、高科技产业

我国不少产业的技术水平相对于发达国家也拥有比较优势,比如我国的航天技术、卫星通讯技术、大规模集成电路都是国际领先的.另外,为了加快我国高科技产业的发展,直接吸收国外先进技术,借鉴国外先进的管理经验,我们也有必要在前沿性科技领域开展"学习型"对外直接投资.所以,除了前面所述的对外投资产业重点外,高科技企业的对外投资也不能忽视.事实上,从2000年开始到2002年期间,我国共批准境外设立研发中心22家,投资总额达5003万美元,主要有软件开发、光电技术开发、通信技术开发、家电产品研究开发.这些海外投资企业可以直接、快捷地掌握国际上最新的技术、质量、价格信息,对我国的产业结构升级和企业竞争能力的增强有不可低估的作用.

(三我国外向型企业对外直接投资的资金筹措与运用战略
投资与融资是紧密相联的,融资的目标是降低企业的资金成本,规避和化解经营风险以及谋求建立最佳的资本结构.境外投资企业不仅要求获得最初投资进入的启动资金和营运资金,而且在投资进入后,也需要日常经营资金和扩大经营的再投入资金.如何以较小成本和风险筹集国际生产经营所需资金,是国外企业成功进行对外直接投资的一个重要的战略问题.对于自有资金相对短缺的大多数我国国外企业来说,如何筹集资金更是一个至关重要的战略问题.制定和实施正确的海外融资战略,对我国企业国外直接投资的成功与发展,具有十分重要的实践意义.

1、境外直接投资企业融资战略的一般选择

境外直接投资公司从全球范围内融资,应遵循融资成本最低、经营风险最小、公司整体财务结构最佳这三个原则选择可利用的资金来源,从中选择最佳的资金组合.境外直接投资公司的资金来源主要有公司内部的自有资金、母国的资金、东道国当地的资金和国际资金四个方面:

2、我国境外直接投资企业资金运用战略选择

(1根据投资国的金融特点制定和采用海外融资策略.在美国和加拿大,由于存在高度发达的证券市场,使得直接融资成为主要的融资手段,在欧洲,由于传统的银行业比较发达,所以银行成为主要的资金来源,在日本,由于银行和证券市场的融资职能不同,企业不同的资金需求必须由不同的渠道获得.

(2运用先进的融资手段.主要包括:第一,采用 "杠杆收购"融资,杠杆收购又称借债收购,是指企业以少量的自有资金(通常为5—10%和大量的市场借款来完成收购.第二,国际金融租赁.国际金融租赁是指由出租人根据承租人的决定,向承租人选定的第三者(供货人购买承租人选定的设备,并将该设备的使用权转让给承租人,并在一个不间断的长期租赁合同期内,通过收取租金的方式,收回全部或大部分投资.这是一种采用"融物"形式进行的中长期融资活动.

(3境外直接投资企业应与国外、国内银行形成紧密联盟,进一步加强金融活动国际化.国外银行首先通过在国际金融市场上向境外直接投资企业提供各种贷款和服务而成为合作伙伴.另外,境外直接投资企业可采取通过与国外及我国银行机构的境外分支机构相互参股的方式合作,形成共同开发海外市场的格局,有利于企业获得发展的长期资金支持.加强我国银行业的海外拓展是我国外向型企业境外投资进一步发展的重要课题.我国改革开放以来,我国银行不仅立足于国内,同时积极向全球发展,其中以我国银行的发展最为迅速.目前,中银集团已全球设立了500多家分支机构,海外员工近2万人,海外资产总值1700多亿美元.我国银行业的向外扩张,在国外设立分支机构,一方面可为国内企业提供准确、及时的国外信息,另一方面,对于一些金融业落后的发展中国家来说,我国银行在那里设立分支机构可带动我国企业到这些国家进行投资,从而促使我国企业境外投资的多元化发展.

(4充分利用金融创新.国际金融市场的创新始于60年代中期,到80年代发展到高潮.在这一过程中,出现了许多新的金融工具.我国逐步完善的金融体制和外汇管理体制改革,增强了境外直接投资公司海外融资的自主权,这些都为我国境外投资企业在资金筹集上提供了非常有效的途径.

(5大力发展自己的海外金融机构,与此同时,要有意识地收购、控股外国的金融机构.

(四我国外向型企业对外直接投资的风险控制战略

境外直接投资,将会面临更多的不确定因素,如汇率风险、投资环境发生变化所带来的风险等等,这就对上市公司的风险防范和风险控制能力提出了更高的要求.同时,也使投资者对企业发展前景的预测变得更加困难.我国外向型企业对外直接投资参与国际竞争虽已经有了一定优势,并迈出了国外经营的步伐.但要发展国外经营,必须在比较优势的基础上,充分把握全球经济发展特点和趋势,制定正确的境外投资发展战略,规避投资风险.

1、在对外投资的步骤上,应采取阶段式渐进发展模式

比如选择国内经营→出口→设海外代理→设海外销售子公司→建海外生产子公司的模式.比较适合我国中小企业,对中小企业而言,规模小、抵御风险能力差的特点决定了企业应以渐进的阶段式发展为主,逐步积累海外的市场知识,从而提高国外经营的成功率.

2、在对境外投资的方式上,应先合资,后独资

对企业来说,要针对不同国家、不同行业再结合自身实力施以不同的投资方式.针对我国企业对外直接投资起步较晚、经验不足的特点,应先走出去,与当地企业搞合资,这有助于利用两种资源、两种文化、两方能力和两个市场.这是实现国外经营取得成功的一个基本经验.

3、在对外投资的产业上,应先劳动密集型产业,后技术密集型产业

劳动力便宜是我国的一大优势,产业选择应集中在小规模产业中,如纺织业、玩具业、电子等.这类产业的生产规模经济程度低,竞争性强,进入壁垒低,也不需大的研发投资以及复杂的技术.我国中小企业在这类产业中相对于发展中国家具有一定优势.通过发展劳动密集型产品生产,积蓄资本和力量,然后再在国外搞技术密集型产品生产.这对于我国外向型企业来说,可能是更合适的选择.

4、在对外投资的区域上,先发展中国家,后发达国家

先把走出国门、进行国外经营的重点放在周边的发展中国家,尤其是经济高速增长的东南亚各国,如马来西亚、泰国等.俄罗斯、东欧、中亚等地区的市场也在迅速恢复,并且这些地区的经济与我国存在很大的互补性,对我国民营企业亦蕴藏着巨大的商机.然后再考虑走向欧美等发达国家,是与我国中小企业的综合实力相适应的一种选择.

总之,控制境外投资风险应更多依赖投资主体内部风险控制机制.对国有境外企业,应通过监管国内投资主体的方式来监管境外投资企业,对自筹资金的民营企业,应从宏观角度进行监管.

五、结论

由于全球经济一体化的快速发展和国际分工的不断加深,我国外向型企业朝着国外经营方向发展不仅完全符合我国外向型企业的目前状况,而且也是势在必行.尽管对外直接投资有可能在一定程度上对一国的宏观经济运行产生某些负面影响,但总体来说,积极作用是居主流地位的.在经济全球化迅速发展的当今世界,正确认识我国外向型企业对外直接投资的利弊是非常重要的,盲目乐观和悲观恐惧都是不可取的.我国外向型企业对外直接投资还处于起步阶段,只有积极稳妥地实施对外直接投资的发展战略,增强海外企业的优势,调动国内企业的积极性,增强其发展对外直接投资的实力,并建立相应的部门协调和引导对外投资活动,创造对外直接投资的国内环境和客观条件,才能使我国的外向型企业在未来的国际经济舞台上扮演重要的角色.

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